In a report published Wednesday, Goldman Sachs analyst Terence Flynn upgraded the rating on Amgen (NASDAQ: AMGN) from Neutral to Conviction List Buy, and raised the price target from $100.00 to $130.00.

In the report, Flynn noted, “We switch to AMGN from BIIB, as we see a more favorable combination of catalysts and upside potential. AMGN is entering a period where several of its key biologic franchises are coming off patent between 4Q13 and 2H15. However, we believe this is anticipated by investors and for the most part already reflected in consensus estimates. We project that AMGN's pipeline (key readouts in 1Q14-2015) and own biosimilars (first launch in 2017) will allow it to replace the potential revenue that could be lost to competition and grow its base.”